Royal Bank of Scotland is cutting 443 UK jobs dealing with business loans, with many roles set to be transferred to India.
The state-backed lender said it was moving the jobs to cut costs, but staff in the UK would still deal with customers and decide whether to grant loans.
Edinburgh-based RBS, which is still 72 per cent owned by the taxpayer, said the roles would transfer to Mumbai as part of a restructuring designed to reduce its costs.
• READ MORE: RBS set to cut and outsource tech jobs
A spokesperson said: “As we become a simpler, smaller, bank, we are making some changes to the way we serve our customers.
“Unfortunately, these changes will result in the net reduction of 443 roles in the UK. We realise this will be difficult news for staff and we will do everything we can to support those affected, including redeployment into new roles where possible. All roles which require customer contact will remain in the UK.”
But the Unite union said that UK workers and taxpayers would lose out from the bank’s move, adding: “By shipping these jobs to India, RBS will be getting that work done more cheaply at the cost of jobs and livelihoods here in the UK.”
Mike Cherry, national chairman of the Federation of Small Businesses, said that small business customers of RBS would be unsettled by the decision.
He added: “Many small business customers with RBS will be extremely concerned at the idea of local expert staff being sent packing and their roles outsourced to call centres halfway round the world.”
The latest cuts come just weeks after RBS said it was cutting a net 92 jobs from its technology team.